Wednesday, 1 April 2015
Last updated 2 hours ago
Jun 21 2010 | 11:47am ET
Given all of the activity of recent days, one could be forgiven for forgetting that Congress may yet bar banks from the alternative investments industry.
The latest firm to thumb its nose at the Volcker rule—which would ban banks from owning, investing in or sponsoring hedge funds or private equity funds—is the bank with the most to lose, JPMorgan Chase. The New York-based firm is in talks with Brazilian hedge fund manager Gávea Investimentos.
According to the Financial Times, those discussions are at an advanced stage, but no deal has yet been reached. Among the things that could yet sink an agreement is the Volcker rule: JPMorgan is reportedly waiting to find out just how stringent the new financial regulations will be before agreeing to buy Gávea.
Still, the talks represent a more serious potential deal than that reportedly discussed by Highbridge Capital Management, which is owned by JPMorgan, and Gávea earlier this year. Under that sketchy proposal, Highbridge would take an undisclosed stake in the firm, but Gávea would retain its own management team and “autonomy.”
Gávea was founded in 2003 by former Armínio Fraga. It has about US$5.3 billion in assets and 109 employees in two offices, in Rio de Janeiro and São Paulo.
JPMorgan already boasts some US$30 billion in alternative investment assets under management, including more than US$20 billion at Highbridge.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…